Deciding to sell your property that someone else calls home - a tenant-occupied property is something difficult sometimes, because as long as the tenant has paid rent, they have the right to live there. To avoid all the hassle and to be able to sell your property in a smooth way you need to advice the tenant of the following:
Offer your tenant's the opportunity
- For Example; even if you know your tenant in no financial position to be potential buyer for your property, you need to give them the privilege to buy it before the unit going in the market.
Explain reasoning BEFORE marketing/selling
- Make sure you talk to your tenant and explain why you are selling. Sometimes you need make up story if you think it will improve your position. ( e.g. you're having financial difficulties ).
- Your tenant is now aware of the reasons of selling your property, and now the decision is made. Only last step you need to explain to them the below:
- You're not kicking them out, because you don't want them to lose their home as they've been good tenants.
- Another landlord will most likely buy the property, so their occupancy is most likely safe.
Fix your budget
- Before starting to think about moving in a new place, you need to determine your own budget in order for you to have a better idea of how much you can afford to rent, especially because landlords ask usually to pay with only 1 to 3 cheques. Furthermore, you will need to consider an additional expense such as agency fees, which represent 5% of the total annual rent amount.
Choose the right location
- The best way to choose the right location for your new home is to make a list of the most important criterias you need to consider such as close to school if you have children, close to groceries, city center, with parking outside, close to mall, etc… In this way, you will be able to have a clear idea of the ideal place for you to live.
Inspection and maintenance of the property
- Before moving into your new home, always make sure that the property is well-maintained by doing a proper inspection with the landlord and if at all there are any kind of issues, the landlord has to fix them before you move in to avoid the hassle between you and the landlord later on.
Set the right rental price
- Choose a consultant who has knowledge of local rental prices.
- Make sure your show your property in best term before you rent it out.
- Solid maintenance is the key to a satisfied tenant, so make sure you hire professional maintenance team ( Click here to know more about property management ).
Be flexible with the viewing
- Ensure flexibility of viewing timings to increase the speed of the leasing process
1. Gauge your finance
2. Hiring a great agent is extremely important
3. Gathering information, paperwork, and documents
4. A Pre- listing inspection is a good idea
5. Pricing The Property Right From The Beginning
6. Preparing your property for showing
1. Read your contract terms
- The each term has to be clearly mentioned in the contract lease. For example, regarding the maintenance you need to know who would be responsible for it, either you or the landlord.
2. Repair/Repaint the walls
- The apartment has to be given back to the landlord in the same way you received it before you moved in; thus it's important for you to fill the holes if you made any, repair any kind of damages and also repaint the walls.
3. Remove, replace/repair furniture
- If you vacate an unfurnished property, don't leave any furniture behind (if yes, discuss it with the landlord first), if the property was already furnished, make sure that everything is in proper condition.
4. Clear your bills
- It's important to inform Du/Etisalat and ADDC that you are moving out in order for them to be aware when to stop the water, lights and internet consumption.
5. Establish a clear communication with the landlord/agent
- Communication and positive attitude are crucial when dealing with the landlord or the agent, always try your best to stay in good terms in order for everything to go as smoothly as you want, especially during the time you vacate the property.
6. Let them do an inspection
- Before vacating the property, the landlord/agent has to do a full inspection of the place so that they check if everything is fine and in position for the next tenant.
7. If nothing works out, go and complain!
- If after doing all the point mentioned above you aren't getting back your security deposit, file an official complaint against your landlord at the Rent Disputes Settlement Centre in Abu Dhabi.
1. Start Your Research Early
2. Determine the Type of House You Can Afford
3. Get Prequalified and Approved for a Mortgage
4. Find the Right Real Estate Agent
5. Shop for Your Home and Make an Offer
6. Get a Home Inspection
7. Work with a Mortgage Banker to Select Your Loan
8. Have the Home Appraised
9. Coordinate the Paperwork
10. Close the Sale
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